Unite disposes of 14 properties for £180.5 million
Unite Students, the UK’s leading manager and developer of student accommodation, announces the unconditional exchange of contracts for the disposal of 14 properties, comprising 3,436 beds for £180.5 million, of which Unite’s share is £84.7 million. The properties are being sold to Singapore Press Holdings and completion is due later in September 2018. The purchase price reflects a net initial yield of 6.3% and is marginally below book value.
The portfolio is made up of a combination of wholly owned, USAF and LSAV properties located in Plymouth, Huddersfield, Sheffield, Birmingham, Bristol and London. As a result of the disposal, Unite no longer has a presence in Plymouth or Huddersfield and the efficiency and quality of the portfolio has been enhanced.
The transaction is in line with Unite’s strategy to recycle capital through the disposal of assets with lower than average growth prospects and reinvest into developments increasingly focusing on high and mid-ranked universities, which have the best long-term growth prospects …